Below is an overview of the different federal loan programs. More information about these loan programs is available on the Financial Aid Office page.
FEDERAL PERKINS LOAN
The Perkins Loan program is a need-based loan that offers low interest (fixed rate of 5%) loans to undergraduate students who demonstrated high financial need. Repayment begins nine months after the student graduates, leaves school, or drops below half-time enrollment.
FEDERAL DIRECT SUBSIDIZED STAFFORD LOAN
This is a need-based loan that is offered to students who demonstrate financial need. The interest is fully subsidized (paid) by the government while the student is enrolled at least half-time. Repayment begins 6 months after the student graduates, leaves school or drops below half-time enrollment.
FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN
The Unsubsidized Stafford loan is a non-need-based loan offered to students with low to no financial need. The terms are the same as the Subsidized Stafford loan (see above) except the borrower is responsible for the interest while enrolled in school. A borrower can choose to pay the quarterly interest or opt to let it capitalize at repayment.
FEDERAL DIRECT PARENT PLUS LOAN
The PLUS Loan is a non-need-based loan program that is available to credit worthy parents of dependent students. Payments on the PLUS loan will begin within 60 days following the final disbursement of the loan. Interest begins to accrue when the loan is dibursed. More information about PLUS loans is available on the Financial Aid Office page.
